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Cake Toppers Market Reviews, Drivers, Strategies, Top Key Vendors - Forecast Till 2031
The global cake toppers market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Cake toppers are products which are used on top of a cake. Available both in edible and non-edible forms, cake toppers are deployed for both residential and commercial occasions.
COVID-19 pandemic negatively impacted the growth in the overall cake toppers market. With governments imposing stringent social distancing regulations and lockdowns in a bid to contain the spread of the virus, birthday functions at residences and workplaces were cancelled. This reduced the demand for birthday cakes and, in turn, affected the demand for cake toppers.
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However, with most population sections double vaccinated and approval given to the use of a third booster dose it is anticipated that birthday celebrations at residential and commercial locations will resume with large groups, which could increase the demand for birthday cakes and help trigger the demand for cake toppers demand, too.
Cake Toppers Market - Trends and Opportunities
Rising demand for birthday cakes at celebratory occasions is the key growth driver for the global cake toppers market.
Also, manufacturers adopting novel technologies to produce improved quality of cake toppers in leading economies could help create revenue-generating opportunities for prominent cake toppers market players, in the coming years.
In addition to this, advancements to existing cake toppers could increase product demand and help in market growth in the years ahead.
Other factors such as rising disposable income among different population sections could contribute to the growth of cake toppers market, in future.
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Residential application segment is expected to make the largest contribution, in terms of revenue, to the overall cake toppers market because of increasing number of celebratory occasions being conducted at homes, leading to increasing demand for birthday cakes and, in turn, stimulating the cake toppers demand too.
Cake Toppers Market - Competitive Landscape
The competition in the global cake toppers market is intense, owing to the presence of several well-established market players. Many of these players are expected to account for a large share in the overall market, in future.
Prominent cake toppers market players could engage in growth strategies such as novel product launches in a bid to gain a competitive edge over other players.
Leading cake toppers market players could sign collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.
The smaller players will seek funding from private investors, which could help them in their long-term growth.
Some of the leading players in the global cake toppers market include Wilton, Culpitt, Vanilla Valley, America Sprinkle, and Cake Decor.
Cake Toppers Market - Regional Assessment
The global cake toppers market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
North America is expected to be the dominant region in the global cake toppers market owing to the presence of several well-established market players such as US and Canada, contributing to market growth in the region.
Europe is expected to offer lucrative revenue-generating opportunities for prominent cake toppers market players because of extensive research and development activities to produce novel cake toppers in countries such as UK and Germany.
Asia Pacific is projected to witness moderate growth in the overall market owing to fewer presence of well-established market players in countries such as India and Japan.
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Leading overseas market players could look to establish cake toppers production units in Asia Pacific countries, owing to ease of availability of key resources such as land and labor.
Other regions of the world such as Latin America and Middle East and Africa are expected to witness sluggish growth in the overall market, in the years ahead due to reduced presence of market players in countries belonging to both the regions.
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